T Bank enters the commercial hub

Bank customers in Phuentsholing now have another choice. T Bank, Bhutan’s fourth commercial bank today made its entrance into the banking sector in the country’s commercial hub.

As T Bank took its first steps in the country’s commercial hub, the Bank’s Managing Director was optimistic about its journey ahead.

Describing the Bank as high-tech with the core banking system already in place, the Managing Director said they are hoping to do better in Phuentsholing than what have been achieved in the past six months in Thimphu.

“We have Nu. 1.1 billion deposits and around 1,800 account holders. We have about 900 loan accounts and amount wise it comes to around Nu. 900 million. If we have achieved this much in the last six months, by opening this branch I am very hopeful that we might be able to do double of what we’ve done achieved so far,” said Tshering Dorji, Managing Director.

With its slogan “Your Personal Bank”, the bank aims to win an edge over other banks by providing personalized and efficient service. It plans to install three ATMs- one in its office, another in the town and one in Pasakha.

The T Bank is Bhutan’s first private bank to be owned solely by the local promoters. The three promoters of the bank hold 20 percent each in the Nu. 220 million bank. The rest 40 percent will be floated to the public, which will happen soon said the bank’s managing director.

“We are working on IPO (Initial public offering). We will submit our prospectus for approval to the company registrar definitely by next week if not this week. And hopefully by September or October we will go for IPO,” said the Managing Director.

The bank is eyeing Gelephu and Samdrupjongkhar for its next branch office. As per the Royal Monetary Authority regulations, the bank has to open five branch offices within 3 years operation.